A development agreement being considered this week by the Phoenix City Council will provide Fender Musical Instruments Corporation with an incentive package to relocate its co-headquarters from Scottsdale to a new 88KSF facility at PV Reimagined, the master-planned Paradise Valley Mall mixed-use redevelopment site at Tatum Blvd. and Paradise Village Parkway.
Under the terms of the agreement, Fender would relocate 200 current employees and hire another 100 at an average salary of $100K.
Using money from Phoenix’s Strategic Economic Development Fund, Phoenix will reimburse Fender $2,500 for every new employee, with a maximum payout of $250K over a six-year term.
Fender’s primary company headquarters is a 24.5KSF location in Hollywood. The PV Reimagined facility would act as a co-headquarters. An outside economic analysis found the relocation to Phoenix would generate $457M in economic output, with $4.2M in tax revenue, over 10 years. (Source)
